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Lukoil secures government approval to modernize power plant

The Russian government has given the green light to modernize a power plant owned by PJSC LUKOIL.

The modernization involves three generating units at the Krasnodar heat and power facility. Each unit will produce 150 MW of power upon their expected commissioning between 2022 to 2024, according to a May 30 news release.

The units will supply power to the wholesale market under contracts with a 14% base rate of return.